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Confluence

USD/CAD - Harmonic Confluence + TrendlinesTraders! Hope everyone has had a great and profitable week! The markets just keep getting better and BETTER! Today, we have MAJOR confluence. I couldn't ask for more....well, maybe I could... Here we have the USD/CAD on the 1D chart with a bullish AB=CD and bearish 5-0. The trendlines add additional confirmation, given the strength of each reversal. What we can really take away from this set up is not just where price will reverse, but adding the trendlines, we can predict WHEN. As always, I highly recommend account management on all trades. The measurements for a valid 5-0 pattern are detailed below. B: 1.13 - 1.618 C: 1.618 - 2.24 D: 0.50 The measurements for a valid AB=CD pattern are detailed below. C: 0.618 - 0.786 D: 1.272 - 1.618
Short
by cdschultheis15
POTENTIAL COUNTER TREND OPPORTUNITY ON EURUSDI've tried to keep this as clean as possible but, there's so much going on in this chart so please bear with me. Price action on EURUSD has come into a previously identified support level anticipated to be a rally point following the break down below the neckline of an H&S identified on the Daily Charts (not shown/addressed here). This support level was anticipated to give the market some pause before resuming it's intended direction to complete the H&S at measured targets. That said, an interesting opportunity has arisen in the form of stochastic (12,3,3) bullish divergence on the 4 hr chart at this support level. This provides some confidence in my anticipated short term bullish expectation. In support of my prediction: 1. We have an equal measured move completing at the neckline of the H&S at about 1.1860 2. There is fib confluence at the EMM zone in the form of a 50% retracement from most recent major swing high to current lows, 38.2% retracement from high of the Head at 1.20885 to current lows and a 161.8% inversion of current lows to swing high at 1.18094 (CURRENT LOWS = 1.17163) As an added support to this prediction, there is a Potential Bullish Bat pattern setting up on the 1 hr chart (), which, IF it can complete will THEN provide a good entry opportunity and also participate in setting up a double bottom on the 4 hr chart. My targets would be at: T1 - Highs of the Bat at 1.1757 T2 - Previous structure at about 1.1790 and T3 - EMM at 1.1860 Feedback on my analysis would be quite welcome and appreciated. Usual disclaimers expressed. I am not a licensed professional (I am in-fact still learning how to trade). All views and opinions are my own and do not constitute trading advice. Please seek professional advice before risking your scrilla on any trades. Good luck with your trades today
Long
by scorpiousg
5
EURCHF decelerating at ResistanceHello guys, this is my first published Idea. This is one of my favorite setups, a double top with deceleration at strong resistance. The EUR gained strength against the CHF however it seems that the bears will soon begin taking over. Looking at the higher timeframes such as the weekly and monthly, price is still overall bearish. Keep in mind that the recent bullish trend we've seen on the daily is just a pullback on the monthly. Price has now come to retest the 1.15 level which also coincides with the weekly 0.618 fibonacci retracement level. Adding to our confluence stack price is also decelerating, formed a hightest and furthermore we have massive bearish MACD divergence. This is enough confluence for me to short this pair up to next support. I would advise to protect your stop above recent price action. Only trade up to 1.5% of your account per trade. Happy trading!
Short
by Schlabberlatz
4
West TexasIDEA: Daily Pivot up, Trade Daily S1-R2... Buy the dip Technicals: Daily Average Pivot and the trade entry pivot are at the same point. Expecting this to cause strong support for the long move @ Daily S1 Pivot 49.036. Profit target set at Daily R2 Pivot 51.082. Looking for Fibonacci support on the way up to profit target. Fundamentals: North Korea fired another missile over Japan a few hours ago. Nuclear tension usually sees oil prices rise. Its also Quarduple Witching Friday. DISCLAIMER: This is where I practice ideas and work on my trading techniques. Please note I am only providing my own trading information for insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal. Trade at your own risk.
OANDA:WTICOUSDLong
by fionnablack